Snap announced the departure of their Chief Financial Officer, Tim Stone, after less than a year of service in the company.
Snap Inc. which owns the popular photo messaging app, Snapchat, announced that Tim Stone, Chief Financial Officer of the company will be leaving. Michael O’Sullivan, Snap General Counsel and Secretary said that Stone’s departure is not affiliated to any disagreement with the company.
The company is facing some troubles recently. Snap has been hit by a string of executive departures over the past few months. Former Chief Strategy Officer, Imran Khan, left the company on September 2018 followed by the departure of Vice President of Content, Nick Bell, on November 2018.
Snap’s shares dropped from $8 to $6.02 in the market trading percent after the announcement. The company expects to report fourth-quarter revenue and earnings result to come in at the top end of its previous guidance.
Snap’s CEO, Evan Spiegel, expressed his gratitude to Stone through his memo acknowledging the big impact and hard work Stone has brought in his short service with the company. He also wished him the best in Stone’s future endeavors. Stone who was from Amazon joined Snap Inc. in May 2018 and will stay with the company until they find a candidate to fill in his position.